Is Your Sideline Activity a Business (Good) or a Hobby (Not Good)?

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Do you have a "Sideline Activity" that you think of as a Business? From this "Sideline Activity", are you claiming Tax Losses on your Form 1040? Will the IRS consider your Sideline a Business and allow your Loss Deductions? The IRS likes to claim that money-losing sideline activities are hobbies rather than businesses. The federal income tax rules for hobbies have been anti-taxpayer for years, and now an unfavorable change enacted in the Tax Cuts and Jobs Act (TCJA) made things even worse for 2018-2025. If you have ...

IRS Focuses on Cryptocurrency: Are You Ready?

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Cryptocurrencies have gone mainstream. For example, you can use Bitcoin to buy far more than you would think. To see, try Googling “What can I buy with Bitcoin?” You will get more search results than you have time to read! Using Cryptocurrencies has Federal Income Tax Implications that may surprise you. The price of Bitcoin has gone through the roof recently, and with increasing acceptance of Bitcoin and other Cryptocurrencies as forms of payment, the Tax Implications of using Cryptocurrencies are a hot-button ...

Cryptocurrency, Cryptocurrency Transactions, and the Distributed Ledger Technology in “The Soul of Enterprise Podcast with Ron Baker and Ed Kless: Episode #363

Last week I was happy to be featured and participate in “The Soul of Enterprise” Podcast with “Financial-Thought-Leader” colleagues Ron Baker and Ed Kless last Friday: "Episode #363: The Ultimate Dragon Slayer, Daniel Morris" (10.23.21). We discussed many topics that I am passionate about; Cryptocurrencies, Blockchain, Value Pricing, Wealth Management, Asset Protection, Multinational Tax Structures, Tax Optimization, and many other topics that made us scratch our “collective” heads. One of the relevant and current topics we discussed that might have some importance to you was Cryptocurrency; what is it, how do you use it, and is it ...

“The Soul of Enterprise Podcast with Ron Baker and Ed Kless: Episode #363

I was happy to be featured and participate in “The Soul of Enterprise” Podcast with “Financial-Thought-Leader” colleagues Ron Baker and Ed Kless last Friday: "Episode #363: The Ultimate Dragon Slayer, Daniel Morris" (10.23.21). Here, we discussed many topics that I am passionate about; Cryptocurrencies, Blockchain, Value Pricing, Wealth Management, Asset Protection, Multinational Tax Structures, Tax Optimization, and much More. One of the first topics we discussed was the significance of the Podcast’s title…” The Ultimate Dragon Slayer, Daniel Morris” that I often hang my hat on. I Solve People's Problems “I Sell Sleep�...

The U.S. Treasury Announcement: March 21, 2020

The U.S. Treasury Announcement: The Federal Income Tax Filing Due Date is Automatically Extended from April 15 to July 15 Greetings We hope this finds you well, as we indeed currently live in unusual times. Recent updates to the Federal Income Tax Filing Dates were changed. Following our commitment to keeping you informed we wanted to briefly update you on some recent developments in the tax and business realm. Last weekend (IRS, 03.21.2020) the US Treasury announced that the federal income tax filing due date is automatically extended from April 15 to July 15. The previously announced extension of time to pay 2019 income taxes due ...